Wednesday, November 13, 2013

Usha Ananthasubramanian takes charge as CMD of Bharatiya Mahila Bank

Live Mint : PTI :12 Nov 2013

In a career spanning over 31 years, Ananthasubramanian has worked in various positions in banking and allied areas

New Delhi: The government on Tuesday appointedUsha Ananthasubramanianas the chairperson and managing director (CMD) of Bharatiya Mahila Bank, the first all-women bank. Ananthasubramanian assumed charge on Tuesday, Bharatiya Mahila Bank said in a statement.

She started her career in the actuarial department with Life Insurance Corp. of India (LIC) and her banking career in February 1982 as a specialist officer in the planning stream of Bank of Baroda. Before joining Bharatiya Mahila Bank, she was an executive director with Punjab National Bank(PNB).

In a career spanning over 31 years, she has worked in various positions in banking and allied areas. At PNB, she was a part of the committee formed for examining the blueprint and other issues related to setting up the women’s bank. The report was prepared based on the terms of reference given to it by the finance ministry and was submitted within the stipulated time, which paved the path for the India’s first public sector women’s bank to be headquartered in Delhi.

Subsequently, she was nominated as leader of the core management team constituted by the finance ministry for coordinating the process of establishment of the women’s bank.

The Reserve Bank of India gave its in-principal approval for the Bharatiya Mahila Bank in June and the banking company was set up.

The government approvedRs.1,000 crore seed capital for the women-focused public sector bank, announced by finance ministerP. Chidambaramin his budget speech. One of the key objectives of the bank is to focus on the banking needs of women and promote economic empowerment.